After slowing down in the final weeks of 2021, IPO activity has picked up momentum despite the uncertain economic conditions. Eye care company Bausch + Lomb Corporation, creator of the popular Ray-Ban sunglasses, is the latest to join the IPO bandwagon this year.
$100 Mln IPO
As per a recent regulatory filing, the company is looking to raise around $100 million through the initial public offering. It intends to list on the New York Stock Exchange under the ticker symbol BLCO. The proceeds from the offering will go to the parent organization Bausch Health Company.
The IPO is a major step towards the separation of Bausch + Lomb from Bausch Health Companies Inc. (NYSE: BHC). It is expected to unlock significant value in the Bausch + Lomb Brand and its product portfolio. As part of the initiative, Bausch Health will refinance its existing credit agreement and conditional redemption of existing notes.
Though the operations of Bausch + Lomb were affected by the pandemic initially, its financial performance improved in recent months and the company looks poised to get back on track this year. However, the continuing uncertainty linked to the pandemic and emergence of new COVID variants remains a challenge as it affects patient turnout at eye hospitals.
Journey So Far
Bausch + Lomb is one of the most popular eye care brands in the world, serving both individual customers and surgical/pharma companies. The company was founded more than a century ago by John Jacob Bausch and Henry Lomb and was based in New York until it was acquired by Canada-based Valeant Pharmaceuticals International.
Of late, Bausch Health has been on a drive to streamline operations and strengthen its finances through various initiatives including divestment of non-core assets, debt reduction, and settlement of multiple legal issues. In addition, steps are underway to add new products to the portfolio and revamp the franchise network.
The diverse product portfolio, global presence, and competitive prices are the main driving forces behind the company’s success. While Bausch + Lomb continues to thrive on its brand power, it faces competition from specialty pharmaceutical companies and medical device makers from across the globe, besides eye health companies. The main competitors include Allergan, CooperVision, and JNJ Vision.
In the whole of fiscal 2020, total revenues declined around 10%. More recently, however, the top line increased 12% annually to $2.76 billion in the nine months ended September 2021. Meanwhile, net income decreased 27% to $131 million during that period.
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